PARTS of the Perth property market are showing strong signs of recovery, with REIWA listing 12 suburbs that recorded house price growth in the last 12 months after experiencing declines in the previous year.
Eight suburbs recorded median price growth over 10 per cent.
REIWA President Hayden Groves said it was pleasing house prices in 12 suburbs across Perth had recovered so well in just 12 months.
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READ NOW“All of the suburbs on the list have higher median house price values now than they did in 2016 just prior to the decline, which is positive news for sellers in these areas,” he said.
“North Fremantle had the strongest rebound in price, with its median increasing 28.1 per cent to $1.23 million in 2018, after declining 0.8 per cent to $960,000 in 2017.
“Bicton came in second, with a 17.6 per cent median house price increase this year after declining 6.5 per cent last year, while Nedlands, Kallaroo and West Leederville saw house prices lift by 15.5 per cent, 14.6 per cent and 13.4 per cent respectively in the 12 months to June 2018.”
Helena Valley, City Beach, Claremont, Mosman Park, Winthrop, White Gum Valley and Leeming rounded out the 12.
Reiwa.com analysis showed all suburbs on the list had a median house price above the Perth Metro median of $515,000 and seven of those suburbs had median house prices above $1 million.
“Perth’s aspirational suburbs are really leading the way in the property market’s recovery,” Mr Groves said.
“Last quarter there were more house sales recorded in the $800,000-and-above price range, which is a trend that also occurred during the December 2017 quarter.
“In addition, recent reiwa.com data also shows 11 per cent of house sales in Perth now sell above $1 million, which is the highest proportion of million dollar sales Perth has seen.
“Another interesting observation is that nine of the 12 suburbs had faster average selling days than the Perth Metro region average of 66 days, with Nedlands (28 days), Claremont (40 days) and West Leederville (47 days) the standouts.”
Mr Groves said there was genuine competition amongst buyers in the luxury end of the Perth market, forcing them to act fast in these areas and pay a premium to secure the property.
“Home owners in these suburbs who are thinking of selling would be wise to take advantage of these favourable market conditions,” he said.